New Jersey Statutes
§ 17B:32-46 — Basis for order of liquidation
New Jersey·Title 17B INSURANCE
16.The commissioner may petition the Superior Court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis: a. Of any ground for an order of rehabilitation as specified in section 11 of this act, whether or not there has been a prior order directing the rehabilitation of the insurer; b. That the insurer is insolvent; or c. That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public. L.1992,c.65,s.16.
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Nearby Sections
15
§ 17B:32-31
Short title, purpose of act§ 17B:32-32
Application of authorized proceedings§ 17B:32-33
Definitions§ 17B:32-34
Jurisdiction over delinquency proceedings§ 17B:32-35
Restraining orders, injunctions§ 17B:32-36
Cooperation with commissioner in proceedings§ 17B:32-37
Proceedings previously commenced deemed commenced under this act; exceptions, distribution of claims§ 17B:32-39
Filing of petition; court orders§ 17B:32-42
Appointment of rehabilitator§ 17B:32-43
Powers of rehabilitator§ 17B:32-44
Staying of pending actions§ 17B:32-45
Petition for order of liquidation